TAX BREAKS THAT ARE GONE FOR GOOD

Tax breaks that are gone for good. For most Americans, filing their tax returns for the 2018 tax year is just a distant and unpleasant memory. Yet even though the vast majority of taxpayers got their returns filed by mid-April deadline nearly six months ago, a few had hoped that Congress might get around to […]

STATUTORY EMPLOYEES AND QBI

Statutory employees and qbi. Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income (QBI) from a qualified trade or business operated directly or through a pass through entity. The deduction has two components. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified […]